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What is Contract Management Software?
Contract management software is a sales solution that automates vital processes to save time and reduce the risk of human error. With the help of this article, you can find a contract management solution to handle all the stages of a contract’s lifecycle.
- Preparing documents
- Sending agreements to third-parties
- Negotiating contracts
- Approving contracts
- Making amendments and renewals
- Completing audits for compliance
- Storing agreements securely
What Does Contract Management Software Do?
Contract management software simplifies every element of designing, editing, negotiating and finalizing a legal contract. The top providers arm you with all the tools to make contract management a breeze.
The best contract management software on the market provides businesses with handy templates to handle large volumes of contracts efficiently. The software can also automate contract approval by ensuring every arrangement is scrutinized by the right people before signing off.
Other vital functions include sending alerts to missed or expired contracts and facilitating collaboration between parties. Once arrangements have been created and agreed upon, e-signing and secure storage allows contracts to be completed and kept safe for future reference.
How Can Contract Management Software Help My Business
Contract management software can help your business in several ways. It allows small businesses to grow by arming them with the tools needed to handle large volumes of contracts.
It can also help you avoid legal complications by ensuring contracts are filed on time, renewed when needed, and thoroughly reviewed before submission. Contract management software can streamline the onboarding process and allow your business to go paperless.
Other benefits include that businesses don’t need to rely on external services to manage their contracts and can self-serve with CLM software. This software can save you and your business precious time, money, and effort.
How We Rank the Best Contract Management Software
We follow a comprehensive rating methodology to rate contract management software based on pricing, ease of use, features, and support. Each software receives an individual rating, called a Genius Score, ranging from 0 to 100, with 100 being the highest. For more details on our rating methodology, visit our rating methodology page.
Key Features of Contract Management Software
Contract management software can be very beneficial to you and your business. Below, we’ve broken down six of the key features of contract management software.
With Contract management software, you can create custom templates. Personalize the content and design of each contract so they always look great. Many software products allow you to save commonly used fields/terms and generate new contracts based on previous ones.
Contract management software allows you to set up a workflow so that every contract passes through the right people. Automated approval systems streamline contract management and ensure documents are reviewed before completion.
Receive notifications of contract changes, renewal dates or submission deadlines with contract management software. This can be helpful in every aspect of business, including the onboarding process. Alerts can be sent via emails or integrated messaging services like Slack.
Contract management software enables multiple parties to edit contracts and track changes in real-time. Users can add comments and tag individuals to alert them to significant clauses or sections. Businesses can conduct negotiations online rather than in person, making life easier for everyone involved.
Most contract management software will use in–built or third-party e-signature technology. This speeds up the contract management process and eliminates the need for heaps of paperwork. Parties are automatically emailed a PDF version of fully signed contracts to view at any time.
Having a record of all the versions, conversations, and edits surrounding a contract is essential. Contract management software automatically stores vital information, which could prove imperative if the contract is disputed or any legal issues arise.
Your contract management software can securely house all of your contracts, templates, standard clauses, etc. Documents are easily accessible, and you can set permission levels for different employees for maximum security.
What Are The Benefits Of Contract Management Software?
Contract management software provides you with the tools to always stay on top of your business’ legal documents. Read on to explore the most significant benefits of contract management software and examples of their usage.
Creating a contract from scratch can be time-consuming, but CLM software provides templates to improve speed and efficiency. Contracts can be managed digitally, at scale, and without tedious manual processes.
Parties involved in a contract can make and track changes in real-time on a live document. Direct negotiations foster positive working relationships, which constitute a significant business asset. Individuals don’t need to waste time on phone calls or physical meetings and can instead rely on technology to aid in negotiating contracts.
Once a contract is finalized, you can easily share it with colleagues or other parties via email links. Thanks to digital intervention, contracts don’t need to be posted or physically handed over.
With contract management software, you don’t have to sift through filing cabinets bursting with contracts to find the one you want. The search function allows you to see concrete results in milliseconds, which can be very useful for contract audits.
When dealing with sensitive contracts, you need secure storage to keep your data safe. Many contract management software products offer encryption and robust cyber security to keep contracts from prying eyes.
A significant benefit of CLM software is that you can increase the number of contracts created without needing extra employees or budget. Even small businesses can handle large volumes of contracts and grow their business more efficiently.
Factors To Consider When Choosing A New Contract Management Software
Five of the most important factors to consider when choosing a new contract management software:
- Usability. Finding a contract management solution that is straightforward to install, run, and monitor is crucial. It should be accessible to your entire team and not require complex training to navigate.
- Automation. It’s essential to choose a software product which automates administrative tasks. The best options eradicate the need for physical contracts and operate entirely online.
- Data Protection. Contracts often contain sensitive information, so data protection is a priority. Opt for a contract management product that offers data encryption and secure storage.
- Technical Support. It’s helpful to go with a provider that offers reliable technical support. If issues arise, you need the reassurance that this won’t cause massive disruptions and that there’s a team on-hand to assist you.
- Integrations. Many CLM solutions offer integrations with calendars, email providers, messaging services, e-signature tools, etc. Integrations can improve the overall functionality of software services and can be highly beneficial to your business.
Who Should Use Contract Management Software?
All businesses, regardless of size or industry, should consider looking into contract management software.
This software can be helpful for any company with multiple employees. Contract management software can streamline onboarding processes and help you remain compliant and organized when it comes to employee contracts.
It’s also beneficial for businesses that offer services to clients and require contracts for legal purposes. Legal, HR, sales, procurement, and finance teams may use contract management software.
How Much Does Contract Management Software Cost?
Contract management software can range from $59 to $775 per month. Pricing depends on the volume of contracts and the number of users required. The higher-end software products tend to have more features and target larger established businesses. Most providers offer subscription and payment options.
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